Thread regarding American Electric Power Co. Inc. layoffs

What groups are making those changes? My leadership has been communicating the spans and layers is a suggestion….

I am so happy that I'm out of that place. What a sh it show for the past 4 years.

No layoffs in my department but layers of leadership being cut and managers/supervisors demoted so that our directors can have more direct reports. I get that AEP is top heavy, but let's take a look at the 90+ folks who are VP or above, or the managing directors, directors, and managers that don't have any direct reports. Its was such a wonderful feeling getting demoted today from manager role to a individual contributor because there's not enough folks on our team to meet Bill's 5-4-3-12 spans of control philosophy. And being told it is so those of us being demoted can focus on the day to day work....Im a working manager, I do day to day work and manage my folks on top of that. Was told that my role won't change except that I won't approve timesheets or do PMRs but yet I still have to lead, coach and mentor staff and be responsible for performance.

Thankful to still have a job but pi---d that frontline management is treated like this when we have way too many leaders above manager level - highly doubt any of them are being demoted because they're the ones making the decisions and are going to protect themselves instead of looking at efficiencies that make sense instead of playing a numbers game.

AEP's intrinsic value is its dedicated work force which has not shared in the financial success they are directly responsible for on a day-to-day basis. Leadership and shareholders reap all the rewards and employees do all the suffering and sacrificing. Working multiple days in high heat and humidity is dangerous and exhausting and employees see no appreciation for their dedication. Rising benefits costs, inadequate cost of living increases, rigged to fail ICP incentive program metrics and pitiful payouts are woefully inadequate and insulting. Self-absorbed leadership have neglected to address employee dissatisfaction and morale exhaustion. Without your dedicated long tenure employees your value is an illusion.

Bill is counting on us, guys.
Do it for Bill.

Hopefully not, but if the socialists win or steal the election look for mass fire sales of large portions of this company and many more like it. Like others said below, pensions and retirements may be stolen from the workers to maintain profits for the large shareholders.

If you don’t believe in the kickbacks, ask around about Optiv in cyber. 30-50% markup but management kept them for years. There’s a reason cyber used a different VAR than the rest of the company.

If you're worried about your pension, retire as soon as you can. Take the lump sum option on the cash balance and move it to a traditional IRA. You won't pay any taxes on the move if you use a direct rollover. Take your 401k and do the same thing. At that point Carl can go pound sand. The only thing left with AEP is medical coverage and memories.

Eight days after signing the Icahn agreement, AEP’s board of directors—including both of Icahn’s non-voting designees—“determined to remove” Julia A. Sloat from her roles as Chair, Chief Executive Officer and President of AEP, deeming her removal as an “Involuntary Termination”.[4]

Activist investor Carl C. Icahn owns only 1% of AEP’s voting shares. For typical investors, owning 1% of voting shares grants no special rights or privileges, let alone control over two seats on the board of directors. But Mr. Icahn is not a typical investor. He is an activist investor—earning the colloquial moniker “corporate raider”[5]— specializing in engaging in protracted, hostile shareholder fights to gain control of target corporations for the sole purpose of moving the company’s stock price to a pre-determined target that bestows considerable profit for Mr. Icahn.

There isn't much information about how many pensions Carl Icahn has stolen, but here's some information about a pension dispute he had with TWA:
In 1992, the federal pension agency, the PBGC, claimed that Icahn needed to put up money to fix a $1.2 billion pension shortfall at TWA.
Icahn said that TWA had made all required payments to its pension funds since he bought the airline.
Icahn preferred to negotiate a settlement instead of being sued by the PBGC.
If there was an out-of-court settlement, the PBGC would receive hundreds of millions of dollars from Icahn.

@4Aldk+1qB6FXi3
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Sounds like they took it from. The Democrats playbook. Let in 20 million illegals, ship them to swing states and then give the right to vote. Now you get a single party like in California. Companirs are no different, they'll bring people in to perform some tasks to completely remake a company and in many cases it never works out with the intended result. Based on who is in charge at various levels of leadership, most are Dems and have no clue what they are doing.

If you follow these hedge fund maneuvers, you will see that when the target corporation is brought to the verge of bankruptcy, the executive pensions are fully funded. It is only the workers’ pensions that take a hit. The solution is simple: pass a law that if the workers’ pensions are not fully funded, as all executive pensions are, the executive pensions must make up the shortfall. Then, we will have fully funded worker pensions — no problem.

As part of the hedge fund maneuvers, you will see that when the target corporation is brought to bankruptcy, the executive pensions are often, but not always, fully funded, but workers’ pensions always take a hit. That means that workers must make a claim on a federal agency called the Pension Benefit Guaranty Corporation. This body of responsible corporations are forced to increase their contributions to this fund in order to support the Private Equity plunder.

The enemy within cloaks itself in the illusion of superiority while draining the organization of its virtuous soul. An empty husk is all that shall remain as they enemy within waddles away in a ecstasy of gluttony seeking its next unsuspecting victim.

DEI was pushed in many circles over the past 4-5 years. The company jumped on the BLM band wagon and pushed a completely different agenda over that time. Low cost, safe work environment, satisfying career and decent leadership. What do we have now? You can be replaced with some guy in India making $10 a day, no career, stuck where you are, need to leave to get anywhere, stagnant pay, sold off 1/3 of generation and replaced it with solar and wind. Wind farms have a 20 year life and solar only works half the time. Unstable grid because the base load can't keep up with demand. I may work for AEP but I have a different supplier by choice. Sc--w them getting any of my pay back.

It was not Leftist or righ wingers who destroyed AEPs culture. It was bad leadership. Leadership that is is self absorbed and choose the low road path of leadership. It chased talent away. High road leadership is about providing an environment for all employees to thrive in. That is not occuring in AEP across the company.

The company was ran into the ground long before the corporate raiders , the leftists and wokeness pretty much had done that, best thing now would be a fire sale of the units and assets.

At least kickbacks from vendors are still flowing. Pays my mortgage.

We went from essential employees, who were subsidized by the federal government during the pandemic to unnecessary expenses when the federal government wealth-fare dried up. How did the company turn a profit before the pandemic? They didn't let conmen and corporate raiders run the company into the ground. We are better than this tawdry travesty of virtue-less greed and haughty hubris.

Everyone returns to the office and the good ones will go on their own. EASY to do no cost layoffs that way. The dead weight will just report to the office and do nothing there vs. nothing at home. The ones that got work done at home or at the office will go to employers that want good workers. Employers that are not tied to expensive real estate and locality tax breaks that require butts in seats for their payout. Employers that would fire the dead weight vs keeping them on cause it is easier to ignore them than deal with HR to fire them.

Some one downtown is hitting the EASY button right now. We just haven't been made aware yet.

Who are they going to layoff? After the cuts in January and the VSP, people are stretched thin as is. There’s not a lot of fat in the org right now.

If they are considering it, they must be worried that there isn’t enough regulatory muscle in the org to win rate cases, so they’ve got to get O&M down somehow.

Word is layoffs around thanksgiving, delaying until after elections

Does anyone even care about the dividend? 88 cents a share? What is that like 3.5% a year? My savings account gets more than that

The reason people leave and come back is because there is no one left to cut. And they keep cutting the wrong people. Has anyone ever noticed that not one single TR person, or Minnesota resident (besides Sanjay for for being a crook) has ever been cut?

When people come back as contractors that is a poor representation of the managent of who they were under. You cut the wrong people and you have to bring them back just to get the work done. If you have to bring them back, then your decision to cut them was a bad one.

They keep wanting cuts, with no forward looking plans more than 6 months. It's like a crack addict trying to do whatever to get their next fix.

In this case they will do anything to pay that dividend and not show weakness on Wallstreet.

I would think they'll get rid of people based on their desires and not the employees. This is just a job now

TR was granted 5k shares on 10/3 worth 500k. Doesn't say why, sure as he11 can't be for performance.

At the town hall Bill said he is not a fan of the voluntary severance. He said a lot of people took the deal then came right back as contractors. Basically scammed the company. So if you were hoping for another VSP I wouldn’t hold your breath

Don’t want to alarm anyone but the severance policy and summary documents are no longer available to employees.

History usually repeats itself. Layoffs usually happen the same time every year for most companies. They try to use them to maximize earns and to show Wall St they're doing something about cost. Wall St doesn't care about quality or service levels, lower cost increases earnings and profits. None of this is taking place without that in mind Your job is a cost, doesn't matter what you do. However if you want the biggest bang for you buck, start laying off some EVPs. You can start with TR, IT can operate just fine without her

im sure we'll hear about layoffs right around thanksgiving time.

Corporate executives have become tyrannical in their delusions of grandeur. They extract far more prosperity than they have earned or deserve at the expense of employees and retirees. Their haughty hubris mocks and defiles the virtue of employees and retirees that make the company successful. We need to remind them that we can function without them but their company shall never be as successful without us. Their unearned, undeserved and obscene self-aggrandizement is brazen and bald-faced heresy.

Wow, you're expecting an ICP! I would not count on it. My best guess, next round of layoffs are going to be mainly managers. As the consolidation kicks off, you're going to see less managers as other managers pick up additional folks. The days of managers with 2-3 people is over. Come the end of Jan 2025 if EPS has not improved, maybe another round of layoffs but not until we see the results of 2024 and the outlook for 2025. Plus, throw in a Harris win and you can beat she'll push for higher corp taxes which will lead to job cuts.

Has anyone heard anything about more layoffs? I keep expecting something to happen but so far nothing.

So, I haven’t seen this yet…. Why don’t we unionize? I hate unions, but I think we need to.

Only purpose of survey is to cause more work for employees so they are not focused on leadership steadily extracting value from the company it took employees decades to create and amass. CEO has been here weeks and earns more than employees, who have spent a lifetime serving and sacrificing to make them rich. ICP shall be woefully inadequate and appallingly insulting much like the management we have been saddled with.

Processes are fine. But under the TR wing they are top heavy with leadership unqualified to do the jobs they're in. Processes routinely change to fit the mood of the week as if SrMgmt have multiple personality disorders. It's hard for employees to follow any process when you have Sybil at the switch and it's there's no consistency.

Bill strikes me as a results type of guy. You need to have a process for everything, if one doesn't exist, create it. After that you better follow the process and know it. If you don't, you better have a good reason why you didn't follow it. I see we're going to get beat over the head in the coming year about process and did you follow it. Good luck to those that don't follow the documented process.

Agreed, doing the survey was a total waste of time. I always thought each level of mgmt should have been rated all the up to the CEO. Problem is most of the questions are related to the department level but few above their department. Personally I would rate my boss a 4.5, my MgDir a 2.5, the VP a 2.8 and Therace a 1.0. Bill would be a 3.0 for now. So the problem is not in our department, it's all above us.

The self-absorbed, self-centered, greedy conservative sycophant clique is embedding itself in American Electric Power the same way a Lyme disease carrying tick embeds itself in a host to gorge itself to the detriment of the host organism. Anyone have any conservative clique repellant, you know VIRTUE?

T Quote- "Yes, thousands of AEP employees lost their jobs and we are Millions over budget with far inferior support, but i got my kickbacks from TCS"

I'll take a middle-aged male who knows what the heck is going on over someone who doesn't know anything about the processes we use or Blue Tooth. She the CITO for Pete's sake, she's should absolutely know how IT works. She's worthless along with most of the cronies she brought with her, man or woman. Please clean house and get rid of her and anyone associated with her. Do not renew the contract with TCS. Stream line the hiring process and get real techs back into the company. Your employees will bust a$$ to make it work and the BUs will welcome it.